HARTFORD — The city is considering taking control of the vacant, derelict One Talcott Plaza downtown as a future site for municipal offices that are now in leased space.

Hartford and LAZ Parking, the current owner, would jointly renovate the building, with the city taking over ownership and LAZ leasing back the parking garage.

The complex deal calls for an investment by the city of up to $10 million, with Hartford-based LAZ Parking putting in as much as $20 million.

Once completed, the city could save up to $2 million a year, and possibly more, as offices are moved to One Talcott Plaza. In addition to city hall on Main Street, municipal offices are scattered throughout the city in six locations.

“The goal is to reduce expenditures and achieve synergy by co-locating services in a logical and efficient manner to streamline and improve customer service,” Darrell Hill, the city's chief operating officer, said in an email early Wednesday.

Alan Lazowski, LAZ's chairman and chief executive, said Wednesday the deal would return 800 parking spaces to downtown, as redevelopment in the nearby Downtown North area and elsewhere puts a squeeze on existing parking options.

Lazowski said LAZ has been unable to redevelop One Talcott Plaza since acquiring it in 2011. In 2013, LAZ proposed that the new UConn regional campus in downtown be located there and LAZ secured the city's backing. Instead, the university chose the former Hartford Times building near Front Street. .

“It's a blighted building, both the offices and the garage,” Lazowski said. “We've come up with a solution that is a wonderful, win-win for the city and us.”

City council approval would be needed to take ownership, and there is no proposed timetable for renovations, Hill said.

Earlier this week, the council's operations, management, budget and legislative affairs committee backed the city's taking control of the property, in a 4-1 vote. The measure now goes back to the full city council. The issue is on the agenda for the council's meeting on Monday.

Councilman Kenneth Kennedy, the committee's chairman, said Wednesday the city's ownership of One Talcott Plaza would finally give the city a comprehensive building plan for consolidating offices that are now in leased space.

“The goal has been to move out of current rented locations to one building,” Kennedy said.

The property, on the corner of Main and Talcott Streets, contains 110,000 square feet of office space over the parking garage. The building is just north of the former G. Fox & Co. department store building and is still connected to the building — now the home of Capital Community College and state offices — by two pedestrian bridges.